Recognizing the challenges of greening buildings of historical construction, Ikory has assembled a multidisciplinary team. Just recently completed, their inaugural achievement in Le Marais combines the capabilities of Ikory Project Services (Project Management Assistance) and Ikory Asset Management. The Project Management Assistance oversaw the project within the delicate context of the protected site in the center of Paris, while the asset management guided the client in making choices that ultimately led to the creation of green value.

The building renovation, located in the Saint-Paul district of Le Marais, took place over a span of 8 months and was finalized at the end of 2022, all while the site remained occupied. The renovation encompassed structural refurbishment, asbestos removal, lead paint abatement, electrical and plumbing upgrades, as well as the renovation of a commercial space. The ultimate goal was to elevate the environmental level by transitioning the building’s energy performance label from a G to at least a C rating. This environmental transition involved making significant decisions, such as reducing the “Carrez law” living area measurements due to the interior insulation of the apartments. This necessary choice, driven by the need to preserve the original facade’s appearance, was made in consultation with the owner. The reduction in rentable area, averaging 3 m² per unit, was offset by the improved rental value of the building, made possible by the quality of the renovation and the tenants’ living environment: redesign of common areas, installation of a waste room, and reinforced doors, among others. The renovation project was carried out in accordance with the city of Paris’s PSMV (safeguarding and enhancement plan).

“For this project, we put our beliefs and expertise into practice with a comprehensive real estate approach, considering all possibilities and adjusting all available parameters,” stated Jean-Baptiste Le Gal, CEO of Ikory Project Services. “Interior insulation, redesigning unit layouts, working in an occupied site – everything was tackled simultaneously to achieve an overall enhancement. Collaborative work with the asset management team, to demonstrate the economic viability of the project, was crucial.”

For all the work, IKORY Project Services has engaged several of its partners: Bathala Jordan, Demcar, L’œil de l’expert, Risk Control, and CCM structure.

Presse release available for download here: [Ikory ventures into greening old buildings]